Insulin Pump Innovator Tandem Ups IPO Goals

Tandem Diabeties Care has been described as "Apple-esque" with its insulin pump design. Now it is also seeking to be like Apple in the way it raises money, upping its asking price to $123.2 million for its upcoming IPO.

Tandem was previously seeking a $100 million money-raise.

In total, the company is planning to offer 8.2 million shares at a price tag of $15 each. Tandem expects to spend approximately $40 million of its investment to improve marketing infrastructure at the company. In particular, the company is hoping to improve consumer uptake of its t:slim insulin pump, an FDA-cleared device. An additional $20 million would help fund manufacturing operations at the company, and approximately $12 million would go towards internal research.

San Diego-based Tandem has been competing with Johnson & Johnson and Medtronic to bring an "artificial pancreas" to market. The dream is to have an insulin pump that automatically adjusts insulin levels based on blood glucose readings and a patient's previous habits.

Its previously released t:slim Insulin Delivery System, cleared by the FDA in late 2011, was the first to have a color touch screen. And at the size of a credit card, it was 25% smaller than competing products. "Smart logic" software for the system received FDA approval this year.